Business Performance - 2Q25 RevPAR was 95.7% of 2024's level for the same period[11] - 2Q25 Same-Hotel RevPAR was 94.4% of 2024's level for the same period[14] - The number of new hotel openings in 2Q25 was 118[18] - The number of hotels in operation reached 1,824 as of June 30, 2025[19] - The number of hotels in the pipeline reached 816 as of June 30, 2025[19] Retail Business - Retail GMV increased by 84.6% from RMB 620 million in 2Q24 to RMB 1,144 million in 2Q25[43] - 618 Shopping Festival GMV increased by 86.1% from RMB 310 million in 2024 to RMB 578 million in 2025[43] - The company ranked No 1 in sales in the pillow category on major third-party platforms[47] Membership - The number of registered individual members increased by 34.7% from 76.2 million in 2Q24 to 102.6 million in 2Q25[55] - Core CRS channel accounted for 61.5% of total room-nights sold[57] - Corporate members' contribution accounted for 20.0% of total room nights sold[57] Financial Performance - Net revenues increased by 37.4% YoY from RMB 1,797,047 thousand in 2Q24 to RMB 2,468,549 thousand in 2Q25[66] - Adjusted net income increased by 30.2% from RMB 328 million in 2Q24 to RMB 427 million in 2Q25[79] - Adjusted EBITDA increased by 37.7% from RMB 443 million in 2Q24 to RMB 610 million in 2Q25[82] Outlook - The company expects a total net revenues growth rate of 30% YoY for full year 2025[87]

2025 Half-Year Report Lars Boilesen, CEO Heine Thorsgaard, CFO August 26, 2025 © NAPATECH 2025 Q&A Session Following the presentation DK: +45 89 87 50 45 UK: +44 20 3936 2999 US: +1 646 233 4753 All other locations: +44 20 3936 2999 Access Code: 120993 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the button on the website 2 Safe Harbor Statement This presentation has been prepared by Napatech A/S solely for information purp ...

Project Overview - Strickland Metals' Rogozna project in Serbia holds an Inferred Resource of 7.4 million ounces of gold equivalent (AuEq)[12, 59] - The company has a clear focus on further discoveries and resource growth within a strong gold price environment[60] Capital Structure and Funding - The company's market capitalization is A$317 million[10] - The company has A$32.7 million in cash and Northern Star shares to fund its growth program[10, 60] - Top 20 shareholders hold 53% of the company[10] - Board and Management hold 4.6% of the company[10] Exploration and Drilling Program - The company plans to drill 50,000 meters, with approximately 24,000 meters completed to date[20, 49] - Drilling is focused on extending and infilling the Gradina deposit, growing the Shanac deposit, and scoping the potential of the Kotlovi discovery[20] - The company is also testing the porphyry copper-gold potential at Jezerska Reka and Obradov Potok[20] Resource Estimates and Discoveries - The Shanac deposit has an Inferred Resource of 5.3 million ounces of AuEq[21, 26, 65] - The Medenovac deposit has a maiden Inferred Resource of 1.28 million ounces of AuEq[48, 65] - The Kotlovi prospect is an emerging discovery with significant scale potential[36, 40] Sustainability - Zlatna Reka Resources, Strickland Metals' Serbian subsidiary, has increased permanent employees by over 100% in 12 months[52] - 60% of the workforce is from local communities, and 31% are female, representing a >50% increase in female employees over 12 months[56]

Full Year 2025 (FY25) Results Presentation 26 August 2025 For personal use only How We Do It OneConnected team - Building scale and capability organically and via acquisition Who We Are For personal use only 2 2 Accounting & Business Advisory Alternative Funding Consulting Employee Share Plan Administration & Management Corporate Finance, M&A & Corporate Development Investment Research & Retail Managed Funds/Solutions SMSF Advice & Administration Property Asset Management Alternative Asset Management Strate ...

For personal use only For personal use only For personal use only For personal use only | | FY245 (ASm) | FY24 (ASm) | | FY 24 (USSm) | Comments | | --- | --- | --- | --- | --- | --- | | | | | | | Asset realisations with Avante, Cordillera, Proterra, | | Boutique management fees | 15.5 | 36.0 | 10.0 | 23.6 | Banner Oak, Carlisle, Pennybacker (partial) and Victory Park (partial) exits impacting boutique results | | Boutique performance fees | 8.0 | 11.3 | 5.1 | 7.4 | Largely contributed by VPC and Roc | | Bo ...

Non-GAAP Financial Measures QUARTERLY EARNINGS PRESENTATION Q2'26 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q2'26 Safe Harbor Statement This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking ...

Financial Performance - StealthGas Inc achieved record revenues of $47.2 million in Q2 2025, a 13% increase year-over-year[6,15] - Adjusted net income was $21.7 million in Q2 2025, with an adjusted EPS of $0.59[6] - The company further reduced its debt by $86 million during 2025 and has no debt on its fully owned fleet of 29 vessels[6] - Share repurchases totaled $1.8 million this year, bringing the total to $21.2 million since 2023[6] Fleet and Operations - Over 70% of revenue is fixed for the remainder of 2025, with contracted revenues exceeding $150 million for subsequent periods[6] - The company sold one small LPG carrier in Q2 2025 and purchased the remaining 50% share in two small LPG carriers from its joint venture partner[6] - The fleet employment analytics show time charter coverage extending into 2028 for some vessels[7] Market Trends - Global LPG exports continue to grow steadily, with a 6.6% increase in the first half of 2025[30] - US exports of liquefied propane are trending higher, with a 3% year-over-year increase in Q2 2025[30] - The company notes that about 30% of the small LPG fleet is over 20 years of age, with low scrapping activity[35] Future Considerations - The company highlights global trade tensions, slower economic growth in China, and inflationary pressures as potential risks[40] - Positive factors include significant operating leverage, reduced spot market exposure, a healthy capital structure, and strong Asian demand[41]

Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged for each share of Vital[17] - The transaction implies a 5% premium to the 30-day VWAP exchange ratio and a 15% premium to Vital's 30-day VWAP as of August 22, 2025[17] - Post-transaction, Crescent shareholders will own approximately 77% and Vital shareholders will own approximately 23% of the combined company[17] - The combined company targets $90 to $100 million in estimated annual synergies within the first 12 months[17] Financial Highlights - The combined entity anticipates generating over $4 billion in free cash flow over the next 5 years[17] - Leverage is expected to be approximately 1.5x at closing, with further deleveraging planned through organic free cash flow and potential divestitures of non-core assets worth around $1 billion[17] - Crescent plans to maintain a quarterly dividend of $0.12 per share[17] - The pro forma company anticipates approximately $3.4 billion in EBITDA for 2025[18] and $1 billion in levered free cash flow[18] Asset Portfolio - The combined company will have a scaled asset portfolio across the Eagle Ford, Permian, and Uinta Basins[16] - Pro forma production is estimated at approximately 397 Mboe/d, with approximately 64% liquids[31] - The company holds approximately 1 million net acres across the Eagle Ford, Uinta, and Permian basins[34]

Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged per share of Vital[17] - The pro forma combined enterprise value is approximately $9.1 billion, assuming a Vital equity value of ~$750 million as of August 22, 2025, and the assumption of ~$2.3 billion in net indebtedness[17] - Pro forma ownership will be 77% Crescent and 23% Vital[17] - The transaction is expected to close by the end of Q4 2025[17] Financial and Strategic Benefits - The combined company anticipates strong free cash flow generation of over $4 billion over the next 5 years[17] - Targeting $90 - $100 million of estimated annual synergies over the next 12 months[17] - Expect ~1.5x leverage at close with a path to further deleveraging through organic FCF and ~$1 billion pipeline of non-core divestitures[17] - Pro forma Crescent is positioned as a Top 10 independent producer[15] - The combined company's 2025E production is estimated at ~397 Mboe/d, with ~64% liquids[31] Capital Allocation and Returns - Maintain a $0.12 per share quarterly dividend[17] - The acquisition is expected to be highly accretive to CFFO, FCF, and NAV per share[14] - The company targets a ~50% reinvestment rate to increase free cash flow[37]

Transaction Overview - Keurig Dr Pepper (KDP) will acquire 100% of JDE Peet's for an enterprise value of $23 billion[21] - The acquisition is expected to generate $400 million in cost synergies[28,49] - Following the acquisition, a tax-free separation is planned to create two independent U S -listed companies[23] New Companies - "Global Coffee Co " will have LTM net sales of $15 9 billion[23,49] and adjusted EBITDA of $3 1 billion[49] - "Beverage Co " will have LTM net sales of $11 1 billion[23,60] and adjusted EBITDA of $3 3 billion[60] - Global Coffee Co will have approximately 40% of net sales from North America and 40% from Europe[52] Financial Details - The offer price for JDE Peet's shares is €31 85 per share[77] - The acquisition represents a 12 9x Enterprise Value to Adjusted 2026E EBITDA multiple, or 10 5x including expected cost synergies[77] - Approximately 69% of JDE Peet's holders have irrevocably agreed to tender their shares[77]